Athens Exchange

The Greek stock market reacted on Tuesday to Monday's major slump with an early buying spree, but its gains were moderated during the course of the day, sending the message that stock prices may have reached their peak for the time being and will not be moving up much further without any significant financial developments.

Athinon Avenue on Monday followed the global sell-off trend triggered by Washington's intention to raise the trade war stakes with China, posting remarkable losses that were even greater for bank stocks.

Another three-day bourse week ended with minor gains for the main index at Athinon Avenue on Friday, in spite of the mixed picture recorded in the session with losses for a slight majority of stocks. Turnover is only expected to pick up from next week, although the market will remain reserved ahead of the May 26 elections.

May's first bourse session on Athinon Avenue on Thursday showed a narrow range for the benchmark and low trading volume, but also a notable recovery in the stock of Public Power Corporation (PPC).

Greece's stock market reopened on Tuesday after a four-day recess with minor changes, although on significant turnover. The market appeared to have shaken off the disappointment from the Standard & Poor's decision not to upgrade Greece's rating last Friday, with its impact being limited to some bank stocks. PPC resumed its declined.

Stocks on the Athens bourse painted a mixed picture at the end of the week and ahead of another long weekend, with the benchmark edging higher right at the end of trading. The drop in turnover suggested that many traders had switched their attention to the Easter holidays.

Greek stocks recovered from a steep decline during Wednesday's session to end up with minor losses in the closing auctions. Bank stock buyers returned to help the sector's index come back from mid-session lows as the PPC slump continued to affect the entire market.

The Greek stock market reopened on Tuesday after its first four-day break this April with a massive drop for Public Power Corporation that weighed heavily on both the benchmark and the majority of local stocks. The main index fell despite the gains registered by Piraeus Bank and Coca-Cola HBC.

After a difficult and turbulent 2018, the Greek stock market has been savoring its best four-month period since 1999, with only four sessions left till the end of April. The benchmark at Athinon Avenue has recorded gains of 26.92 percent since the start of the year, which is the second highest return in the world after the main bourse in China.

The Greek stock market began its first long weekend this month with the benchmark at a new 10-month high after Thursday's fresh gains following the Supreme Court's decision on loans issued in Swiss francs.